Biomerica Reports Second Quarter 2024 Financial Results

• Revenues excluding Covid test sales increased 10.3% for the second fiscal quarter of 2024 vs the second fiscal quarter of 2023.
• Loss per shares narrows to $0.09 per share from $0.12 per share reflecting disciplined operating expense management.
  
• Company Received US FDA 510(k) Clearance for Its Hp Detect ELISA Test Product Designed to Detect the Presence of the H. pylori Bacteria That infects approximately 35% of the U.S. Population.

IRVINE, Calif., Jan. 16, 2024 (GLOBE NEWSWIRE) -- Biomerica, Inc. (Nasdaq: BMRA), (the “Company”) a global provider of advanced medical diagnostic and therapeutic products today reported financial results for the second quarter of fiscal 2024 ended November 30, 2023.

Recent Highlights:

• US FDA 510(k) granted clearance for the Company's Hp Detect ELISA Test Product Designed to Detect the Presence of the H. pylori Bacteria that infects approximately 35% of the U.S. Population. Over 80% of gastric cancers are attributed to H. pylori infection, and gastric cancer is the third most common cause of cancer-related death worldwide. The Company is now marketing the product to clinical labs In the US and distributors internationally.
  
• The Company expanded inFoods IBS reach with the addition of several new GI groups. Among the new groups, the two that represent the largest opportunity include an integrated medical system, and an additional large GI group.

“We believe that our recent FDA clearance for our H. pylori product coupled with the continued progress with our inFoods launch will further our commercial progress in driving meaningful revenue growth and achieving profitability," said Zackary Irani, CEO of Biomerica. “We are looking forward to capitalize on our sales opportunities on multiple fronts while meeting our financial targets to grow the business and shareholder value."

Second Quarter Fiscal 2024 Financial Results

In our fiscal second quarter of 2024, we maintained top-line revenue growth, while carefully managing our operating expenses toward achieving a path to profitability. Net sales for the fiscal second quarter 2024 were $1.6 million, up from $1.5 million for the fiscal second quarter of 2023. Further, net sales for the fiscal second quarter 2024 were 6.7% higher than sales during fiscal second quarter of 2023. When excluding Covid test sales, the revenues for the second fiscal quarter of 2024 saw an increase of 10.3% compared to the prior year. All revenues are now coming from products that focus on existing and largely unmet IBS, GI, colorectal and other health-related sales expansion opportunities. In line with our commitment to sustainable growth, we executed our strategic expansion of our sales force while still achieving operating expense improvement for the quarter of $1.9 million, down from $2.0 million In the prior year. As of November 30, 2023, the Company had cash and equivalents of $7.1 million.